Joint venture closes deal for Burlington Town Center Mall

Dec. 16, 2013

The Burlington Town Center. / GLENN RUSSELL/FREE PRESS

Written by

Dan D’Ambrosio

Free Press Staff Writer

The Burlington Town Center, owned by General Growth Properties, has been sold to Devonwood Investors. The sale and purchase is expected to close on Monday, December 16, 2013. / GLENN RUSSELL/FREE PRESS

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The sale of Burlington Town Center Mall was finalized Monday afternoon, according to an email confirmation and a news release from the buyers.

A joint venture between Devonwood Investors LLC of New York and Mountain Development Corp. based in New Jersey bought the mall from General Growth Properties.

Don Sinex, who founded Devonwood in 1997, said the closing had been “long and arduous.”

A Devonwood memo concerning its purchase of the mall marked “confidential” was released on Dec. 4 by the City of Burlington in response to a public records request from the Free Press.

The memo revealed Devonwood’s plans for a new anchor tenant “such as L.L. Bean” and the possible addition of a large anchor space connecting to the mall on level 1 and 2 of the Cherry Street parking garage, where a “Target for example” could go.

An email subsequently released by the city showed that representatives of L.L. Bean have already toured the mall.

The memo also contemplates a hotel with meeting and conference facilities, new restaurants, new retail, and new housing, both affordable and market units.

Contact Dan D’Ambrosio at 660-1841 or ddambrosio @burlingtonfreepress.com. This story was updated to include the information that that the mall’s buyer is joint venture between two companies.